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Weekly Price & Time: EUR/USD Cracking Important Support

Weekly Price & Time: EUR/USD Cracking Important Support

2014-07-25 15:05:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD cracking critical support
  • USD/JPY nearing important break?
  • Gold closing in on key support level

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: EUR/USD Cracking Important Support

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD broke under a key Fibonacci confluence this week to trade to new lows for the year
  • A weekly close under 1.3470 will shift our broader trend bias to negative on the euro
  • The 1.3395 area is the next important zone of support
  • An important turn window is eyed around the first week of August
  • A weekly close back over 1.3700 would turn us positive again on the euro

Weekly EUR/USD Strategy: Will go square on a close under 1.3470. Will look to sell into strength in the weeks ahead.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3130

*1.3395

1.3440

*1.3700

1.3820

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: EUR/USD Cracking Important Support

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has moved steadily higher over the past week from near the multi-month range lows
  • However, our broader bias is negative in the rate while below 102.25
  • A close under 100.75 is needed to signal a resumption of the broader decline
  • The next turn window of importance is eyed near month end
  • Only strength over 102.25 will turn us positve on USD/JPY

Weekly USD/JPY Strategy: Like tactical short positions in USD/JPY while below 102.25.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*100.75

101.05

101.80

*102.25

*102.80

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: EUR/USD Cracking Important Support

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD has come under steady pressure since failing near a key Gann confluence zone in the 1348 area
  • Weakness under 1305 has turned us negative on the metal
  • The 1280 area is a key downside pivot with weakness below this zone needed to set off a more important decline
  • A turn window is eyed in early August
  • A move back through 1321 on a daily close basis would turn us positive again on the metal

Weekly XAU/USD Strategy: Square here.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1262

*1280

1295

*1321

*1348

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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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